IFSC Code: Many changes are going to happen in the banking sector of the country from July 1. This includes the increase in charges for some services of SBI and Axis Bank. Along with this, the IFSC Code of a bank merging with Canara Bank is also going to change.

Public sector Syndicate Bank has now merged with Canara Bank. In such a situation, from July 1, the old IFSC Code of Syndicate Bank will not be of any use. Instead, customers of Syndicate Bank will have to use the new IFSC Code of Canara Bank.

State Bank of India: Customers will have four free cash withdrawals from private bank ATMs as well as branches from July 1. SBI will charge Rs 15 plus GST on each transaction after the free transactions. Those customers holding basic savings bank deposit accounts will also be levied charges for cheque books beyond 10 leaves in a year. The bank announced Rs 40 plus GST for subsequent 10 leafs and Rs 75 plus GST for 25 leaves. No charges have been announced for senior citizens.

For Syndicate Bank customers: The account holders of Syndicate Bank will get new IFSC codes from July 1 as the bank has merged with Canara Bank.

For Andhra Bank and Corporation Bank customers: The two banks were amalgamated into Union Bank on April 1, 2020. So, the account holders of Andhra Bank and Corporation Bank will have to use new cheque books provided by Union Bank from July 1.

For customers of Axis Bank: If you are the customer of axis bank of private sector and you want the SMS alerts on your phone, then your pocket is going to be loose and loose from July first. Axis Bank has decided to send every SMS Alert to charge up to 25 rupees and maximum 25 rupees in the month. However, it will not be applicable for promotional text messages and OTP.
.
For customers of IDBI Bank: The bank has revised its cheque leaf charges from July 1. Now, the IDBI bank customers will have to pay ₹5 per cheque leaf beyond 20 free leaves per year. However, customers holding ‘Sabka Saving Account’ will be exempted from this rule change.